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Auto alternatives for the 21st centuryFri, 09 Dec 2016 17:34:46 +0000en-UShourly1http://wordpress.org/?v=4.2.4Daimler Sells Tesla Shareshttp://www.hybridcars.com/daimler-sells-tesla-shares/
http://www.hybridcars.com/daimler-sells-tesla-shares/#commentsWed, 22 Oct 2014 14:41:10 +0000http://www.hybridcars.com/?p=208034Yesterday Daimler AG announced it has reorganized its cooperation with Tesla Motors Inc. In doing so, the German automaker terminated the share-price hedge it initiated in 2013 and has sold its approximately 4-percent stake in Tesla. Daimler explained it initially acquired a 9.1 percent interest in Tesla in May 2009 for an estimated $50 million. […]

]]>Yesterday Daimler AG announced it has reorganized its cooperation with Tesla Motors Inc.

In doing so, the German automaker terminated the share-price hedge it initiated in 2013 and has sold its approximately 4-percent stake in Tesla.

Daimler explained it initially acquired a 9.1 percent interest in Tesla in May 2009 for an estimated $50 million. Forty percent of that investment was transferred to Aabar Investments PJSC in the context of a joint strategic project in July 2009. Tesla has been listed on the stock exchange since the end of June 2010. As a result of capital increases at Tesla, Daimler’s stake in the company decreased to around 4 percent, without affecting the two companies’ strategic cooperation or joint development projects.

The cooperation between the partners on the automotive projects is unaffected, said Daimler, adding even though the development work for the Mercedes-Benz B-Class Electric Drive is completed, the partnership with Tesla remains in place.

“We pursue our strategy for emission-free driving consequently. Electric vehicles are one component of this roadmap. In Tesla we do have a bold partner. Together we launched the B-class Electric Drive successfully in the United States this summer. In November, the B-Class Electric Drive will be launched in Europe as well. We are convinced that this powerful electric vehicle for every day use will appeal to a lot of customers,” stated Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. “Our partnership with Tesla is very successful and will be continued.”

The B-Class Electric Drive is not the only Daimler vehicle to benefit from Tesla’s cooperation. The batteries for the first generation of the smart fortwo electric drive had been from Tesla; this two-seater with electric drive is one of the best-selling electric cars in Germany.

“We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation,” said Bodo Uebber, Member of the Board of Management of Daimler AG for Finance & Controlling and Financial Services. “For this reason, we have decided to divest of our shares. This will also allow Tesla to broaden its investor base.”

The sale of Daimler’s stake in Tesla will result in a cash inflow of around $780 million, which will be used to strengthen Daimler’s operational business, said the German company.

This sure looks like an interesting profit considering the original $50 million invested.

“We have supported Tesla as a startup company for many years and have learned a lot from Tesla. At the same time, Tesla was able to profit from our automotive expertise. The cooperation with Tesla is one component of our activities in the field of electric mobility. It optimally complements our involvement in Deutsche ACCUmotive,” said Prof. Dr. Thomas Weber, member of the Board of Management of Daimler AG for Group Research & Mercedes-Benz Cars Development.

Daimler added systematic hybridization is also a fixed element of Daimler’s powertrain strategy. In 2014, Mercedes-Benz sold more automobiles with hybrid drive than all other German manufacturers combined. The focus for Daimler will continue to be on plug-in hybrids in the coming years, said the company.

By the year 2017, Mercedes-Benz Cars will launch 10 new plug-in hybrid models in all market segments.

Both Daimler and Toyota’s investments in the early years of Tesla were key in helping this EV manufacturer become the strong automaker it is today. Toyota’s investment was also an estimated $50 million and was invested in 2010. Toyota still holds a 2.4 percent stake in Tesla with an indicated value of $692 million.

]]>http://www.hybridcars.com/daimler-sells-tesla-shares/feed/0Canadian Government Invests In EV Developmenthttp://www.hybridcars.com/canadian-government-invests-in-ev-development/
http://www.hybridcars.com/canadian-government-invests-in-ev-development/#commentsMon, 06 May 2013 04:05:53 +0000http://www.hybridcars.com/?p=58180Electric vehicle projects are getting a cash boost from the Canadian government. Canada’s Minister of State (Sport) and Member of Parliament for Bramalea-Gore-Malton, the Honourable Bal Gosal, announced Friday, May 3, that the Government of Canada will invest over $21 million for 13 innovative clean energy projects in the Greater Toronto Area. These projects are […]

]]>Electric vehicle projects are getting a cash boost from the Canadian government.

Canada’s Minister of State (Sport) and Member of Parliament for Bramalea-Gore-Malton, the Honourable Bal Gosal, announced Friday, May 3, that the Government of Canada will invest over $21 million for 13 innovative clean energy projects in the Greater Toronto Area.

These projects are included among 55 new clean energy projects just announced by Prime Minister Stephen Harper, representing an investment of more than $82 million through the Government of Canada’s ecoENERGY Innovation Initiative.

The program was created to invest in new clean energy technologies that will create jobs, generate economic opportunities and help protect the environment.

“Through the ecoENERGY Innovation Initiative, our Government is investing in innovative clean energy technologies that create jobs, generate new economic opportunities and protect the environment,” said the Honourable Joe Oliver, Canada’s Minister of Natural Resources. “This program demonstrates our tangible support for energy projects that drive energy innovation.”

Today’s announcement includes the following EV-related investments:

$560,000 to the University of Toronto for a smart grid project;

$5,317,600 to Opus One Solutions in Toronto for a smart grid project;

$1,500,000 to Prolucid Technologies in Mississauga for a smart grid project;

$1,985,988 to Hatch in Mississauga for a smart grid project;

$1,836,800 to the Canadian Standards Association in Toronto to develop electric vehicle safety standards;

$1,864,069 to Dana Canada to improve the thermal characteristics of lithium battery systems;

$1,192,765 to Dana Canada to development thick-film electric heaters for the thermal modulation of battery systems;

$1,870,000 to the University of Waterloo to develop materials for high-energy density battery systems for electric vehicles;

$1,025,125 to The Pollution Probe Foundation for the development of an electric vehicle integration analysis tool.

“This investment is good news for the Greater Toronto Area as we strive to position ourselves as a clean energy leader,” said Minister Gosal. “New innovative clean energy projects, like those announced today, stimulate our local economy while helping protect the environment.”

The ecoENERGY Innovation Initiative has received $268 million in funding over five years to fund research, development and demonstration projects that produce and use energy in a more clean and efficient manner.

]]>http://www.hybridcars.com/canadian-government-invests-in-ev-development/feed/0GM To Invest $332 Million In New Fuel-Efficient Powertrainshttp://www.hybridcars.com/gm-to-invest-332-million-in-new-fuel-efficient-powertrains/
http://www.hybridcars.com/gm-to-invest-332-million-in-new-fuel-efficient-powertrains/#commentsThu, 04 Apr 2013 13:46:45 +0000http://www.hybridcars.com/?p=56517General Motors Co. announced today it will invest nearly $332 million in four manufacturing sites to produce more fuel-efficient engines and transmissions. The investments – announced simultaneously at GM plants in Flint and Bay City, Mich.; Toledo, Ohio, and Bedford, Ind. – will support production of a new Ecotec small gas engine, a new V6 […]

]]>General Motors Co. announced today it will invest nearly $332 million in four manufacturing sites to produce more fuel-efficient engines and transmissions.

The investments – announced simultaneously at GM plants in Flint and Bay City, Mich.; Toledo, Ohio, and Bedford, Ind. – will support production of a new Ecotec small gas engine, a new V6 engine, 8-speed transmission, and tooling for an existing 6-speed transmission, said GM.

GM also said it is increasing previously announced powertrain investment in plants in Romulus and Saginaw, Mich., to $646 million – an increase of $46 million – to support production of the new V6 engine.

“We are investing in technologies and manufacturing capabilities that produce high-quality, fuel-efficient vehicles and components for our customers,” said Diana Tremblay, vice president of GM North American Manufacturing. “Today’s announcement demonstrates GM’s commitment to growing the business and strengthening the plant communities where we receive so much support.”

GM’s newly announced $331.8 million investment will be broken down as follow:

$215 million in Flint Engine Operations for a new small Ecotec gasoline engine, which is part of a new family of engines that includes 3- and 4-cylinder variants with displacements ranging from 1.0 to 1.5 liters. Details of what variants the plant will build will be announced later. The plant will also upgrade tooling for its current V6 engine.

$55.7 million in Toledo Transmission Operations for increased capacity and tooling to produce an all-new, advanced 8-speed automatic transmission and an existing 6-speed transmission. The Toledo-based 8-speed will be used in numerous GM vehicles by the end of 2016.

$31.7 million in Bay City Powertrain including $19.2 million to produce components for a new V6 engine and $12.5 million to produce components for the small Ecotec gasoline engine.

$29.4 million in Bedford Castings including $19 million to produce components for the small gas engine and $10.4 million to produce components for the new 8-speed and existing 6-speed transmissions.

The additional $46 million brings the total to $646 million for the V6 project, which includes:

A $41 million increase to $256 million for Saginaw Metal Castings Operations to produce castings for the new V6 engine.

A $5 million increase to $390 million for Romulus Engine Operations to build the new V6 engines.

The new small Ecotec gasoline engine is part of a global engine family that GM said could top 2 million engines a year by the end of the decade, based on production in Flint and other locations around the world.

The new Ecotec engines will offer improved fuel economy, higher quality, better performance and reduced carbon dioxide emissions. The new family will include three- and four-cylinder engines ranging in displacement from 1.0 liter to 1.5 liter.

The 8-speed automatic transmission will assist in improved fuel economy and performance.